The BSE Sensex and NSE Nifty ended the day down 298 points and 69 points, respectively due to Euro zone worries and Infosys results. The Sensex closed at 17,094, while the Nifty closed at 5,207.
The lower-than-expected guidance of 8 to 10 per cent (in dollar terms) given by Infosys did not go well with the market. The stock closed at Rs 2,403, nearly 13 per cent down on the BSE. The IT index was the worst-hit today. It was down 8.7 per cent with major IT stocks leading the losses.
“As expected, Infosys’ disappointing results set the tone for the market slide and Nifty tanked more than 1.4 per cent intraday. The sentiments have worsened not only for the IT counters but for the general market as such. Monthly WPI inflation figures for March month on Monday will also likely influence the short-term trend of the market,” said Ms Shanu Goel, Sr.Research Analyst-Bonanza Portfolio.
However, concerns on the global front especially in the Euro zone further dampened investor sentiments. This pushed the index in the negative territory.
European stocks dropped as China’s growth slowed more that the forecasted growth in the last quarter. European markets were down by around 0.7 per cent each. The American and Asian markets were up by around 1 per cent each.
Top gainers on the BSE were Sun Pharma, Coal India and Hero Motocorp, while the top losers were Infosys, TCS and Wipro.